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Journal entries

kimmac48kimmac48 Member Posts: 1

Hi,
I'm trying to account for GST (goods & services tax) in a journal transaction.
For example: Insurance expense as a debit and paid for with personal funds so credit to Drawings.
I can't see anywhere that has a drop down tab to account for the tax.
Any help would be much appreciated 😊

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @kimmac48.

    Did you already create your tax in Wave? You can do this in your Settings. Go to the Settings page and find Sales Tax. Add your tax there (make sure to check the box to make it recoverable if it is recoverable), and Wave will create a liability account called "GST Payable" once you do. That's the account you'll want to use.

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